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Friday, September 11, 2009

Treasury Yields Are Dropping

All is quiet in the market this morning, but the TNX (yield on the 10 year treasury) has been dropping like a stone. 32.90 has been support for about 3 months now, and it bounced of it this morning, but sor far not a very strong bounce. Normally the market would sell off if tressuries are being bought up, but a) the supply of treasuries has been increasing at an alarming rate, nad b) the stock market has been completey ignoring bad news. Some pundits will call this bullish, I call it a "divergence", which usually lead to pretty nasty reversals.

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